The government's planned industrial revitalization body would be able to get national financial institutions to forgive debts when salvaging heavily indebted companies, according to a bill unveiled Wednesday.

The bill to set up the government-backed entity also stipulates that the government would assume the responsibility of covering losses of the body with public funds if any remain at the time the body is dissolved in five years or so.

Liberal Democratic Party lawmakers gave a nod to the bill in a meeting Wednesday morning.